16 May 2014 09:57 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures dropped 1.03% on Friday due to softer spot LLDPE prices, industry sources said.
September LLDPE futures, the most actively traded contract at the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 11,030/tonne ($1,770/tonne) on 16 May, down by CNY115/tonne from the settlement price on 15 May.
Around 942,760 tonnes of LLDPE or 377,104 contracts for delivery in September were traded on 16 May, the DCE data showed.
Domestic spot LLDPE prices in east China were assessed at CNY11,600-11,750/tonne on 16 May, down by 1.06% from 15 May, according to Chemease, an ICIS service in China.
PetroChina’s eastern sales branch cut their offer by CNY50/tonne for LLDPE film grade as downstream buyers showed strong resistance to the previously rising feedstock costs , local traders said.
($1 = CNY6.23)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections